Jiangsu tycoon Yi Shengda's Variety shares (600770) (600770MadamedestinyslotSH), there has been no dividend for 10 years since the end of 2013.

In the past ten years, there has been no breakthrough in the main business of Variety shares, and the performance of entities such as information technology and photovoltaic has ups and downs, and the performance is mainly supported by investment income.

Time Weekly found that Variety shares have earned more than 1.7 billion on investment in the past 10 years, but have never paid dividends to their shareholders. The last time the listed company paid a dividend was in its 2012 annual report. From the listing in 1996 to the 2012 annual report, Variety shares had a total of 5 dividends, with a cumulative total amount of 1.Madamedestinyslot.48 billion yuan.

1.7 billion in ten years' investment, no dividend in ten years.

On the whole, Variety shares achieved operating income of 322 million yuan in 2023, down 14.33% from the same period last year; its mother lost 174 million yuan in net profit, reducing its loss compared with the same period last year.

Looking back on past annual reports, we can see that the investment return of Variety shares is very considerable. From 2010 to 2023, the investment income was 618 million yuan, 538 million yuan, 488 million yuan, 40 million yuan, 209 million yuan, 254 million yuan, 233 million yuan, 548 million yuan, 245 million yuan, 69 million yuan, 138 million yuan, 69 million yuan,-28 million yuan and 0.092 million yuan, of which the total from 2013 to 2023 was 1,786 million yuan.

From 2013 to 2023, the fair value change income of Variety shares was 0 yuan, 30000 yuan,-17 million yuan,-5.2 million yuan,-19 million yuan,-2.5 million yuan, 278 million yuan, 263 million yuan, 117 million yuan,-465 million yuan,-207 million yuan, totaling-558 million yuan.

With the cumulative 10-year investment income of 1.786 billion yuan, offsetting the accumulated fair value change profit and loss of 10 years-58 million yuan, Variety shares still earned more than 1.7 billion yuan on the investment book in the past ten years.

The operating profits of Variety shares in the corresponding period are-850 million yuan, 184 million yuan,-137 million yuan, 87 million yuan, 236 million yuan, 49 million yuan, 211 million yuan, 305 million yuan, 123 million yuan,-489 million yuan and-261 million yuan, respectively, with a cumulative total of-542 million yuan in the past 10 years.

In other words, investment (investment income plus fair value change) is the main source of profit of Variety shares, supporting the poor performance of Variety shares.

In the past five years, the revenue of Variety shares has not fluctuated much. From 2019 to 2021, the company achieved operating income of 458 million yuan, 377 million yuan and 373 million yuan respectively. The operating income of Variety shares rose slightly to 375 million yuan in 2022 and fell to 322 million yuan in 2023.

The reporter noticed that on the interactive platform of investor relations, a number of investors questioned this. One investor said, "the company has not paid dividends and expanded its shares for more than 10 years, and investors have lost a lot of money, but listed companies have a lot of idle funds to invest in wealth management products. What is the purpose of IPO?"Madamedestinyslot? What is the reflection of the management, especially the major shareholders of the deputies to the National people's Congress?Madamedestinyslot? "

Get involved in many kinds of business

Yi Shengda, the real controller of Variety shares, is from Nantong. At the age of 24, he became the director of the embroidery factory, that is, the predecessor of Jiangsu Variety holding Group Co., Ltd. (hereinafter referred to as "Variety Group"). In 1996, Variety Group's important enterprise Variety shares (600770.SH) was successfully listed.

On the other hand, Luo Shengda has made many moves in the investment field and has made hundreds of times its profits by investing in Yanghe shares (002304) (002304.sz). After investing in Yanghe shares, Yi Shengda successively invested in listed companies such as Black Peony (600510) (600510.SH), essence Pharmaceutical (002349) (002349.SZ) and New World (600628) (600628.SH) through Variety Group.

At the same time, Variety shares of listed companies started from township clothing enterprises to set foot in photovoltaic, information technology and other fields.

Public data show that Variety shares currently take information technology, new energy and equity investment as the main line of operation.

In 1998, Variety shares entered the field of information technology by transferring a 51% stake in Beijing Lianbang Software Company. Since then, under the leadership of Shengda, Variety has continued to expand to chip design, applications, superconductivity and other high-tech fields.

According to the 2023 annual report, Variety's information technology business mainly includes chip design and application and mobile games, among which chip design and application mainly rely on subsidiaries Nanjing Tianyue, Yinengda and the participating company Shenzhou Godson. Business covers integrated circuits, smart cards and other areas.

Despite its extensive business layout, Variety shares are not doing well in the field of information technology.

In 2023, Nanjing Tianyue, Yinengda and Shenzhou Longxin all recorded losses of 18.4845 million yuan, 2.413 million yuan and 27.2398 million yuan respectively.

Meanwhile, the apple of the eye in charge of mobile games has lost money for eight years in a row since its acquisition in 2014. From 2015 to 2023, the cumulative loss of the apple of the eye was about 96 million yuan. For the whole of 2023, the apple of the eye lost 13 million yuan, with an increase of 11 million yuan.

New energy business is no exception. Around 2010, with the increase in global demand for renewable energy and strong policy support for the photovoltaic industry, Shengda began to develop new energy and high-profile layout of the photovoltaic industry. Since then, Variety shares ushered in the performance highlights.

In 2010, Variety shares achieved an operating income of 911 million yuan, an increase of 76.35% over the same period last year, and a net profit of 272 million yuan, an increase of 724.66% over the same period last year. In 2011, Variety shares achieved revenue of 1.181 billion yuan and net profit of 316 million yuan, the best performance since the company went public.

Among them, the new energy business contributed 431 million yuan in revenue in 2010 and 741 million yuan in 2011.

However, the good times did not last long. In 2013, Variety's photovoltaic business lost 679 million yuan in the current period, mainly due to a large amount of impairment provision for the production line of Variety Photovoltaic of its subsidiary.

Today, ten years later, photovoltaic power stations are still the largest contributor to Variety share revenue. In 2023, the revenue of Variety Photovoltaic Power Station reached 133 million yuan, accounting for 40.52% of the total revenue. However, compared with 2022, revenue decreased by 30.87%, and compared with new energy's revenue of 741 million yuan in 2011, it is even more incomparable.

In addition, the gross profit margin of Variety Photovoltaic Power Station fell to 31.46% in 2023, a decrease of 23.69% compared with the same period last year.

For the information technology business, photovoltaic business status and future development plans, time Weekly sent a letter to Variety shares, as of press time, the other party did not reply.